Trade Law Reform Act of 2007

[AI summary unavailable — showing source text] Trade Law Reform Act of 2007 - Amends the Tariff Act of 1930 to revise factors that the International Trade Commission (ITC) must consider in making material injury determinations in countervailing duty and antidumping duty proceedings. Repeals the one-year monitoring program for cases involving persistent dumping. Requires initiation of an expedited antidumping duty investigation in such cases. Modifies certain factors used to value freight for imputs in nonmarket economy country antidumping calculations. Requires enactment of a joint resolution by Congress before revocation of a foreign country as a nonmarket economy country. (Currently, the administering authority has power to make such a revocation without prior congressional approval.) Applies countervailing duty provisions to nonmarket economy countries. Requires the imposition of an antidumping duty on imported merchandise that is made up (downstream dumping) of one or more depressed-price products (a product purchased at a price that is lower than the generally available price of the product in the country of manufacture or at a price that is lower due to subsidies or sales at below foreign market for such product) if a U.S…